Long-Term Debt (Tables)

6 Months Ended

Aug. 01, 2021

Debt Instruments [Abstract]

Schedule of Long-term Debt

Long-term debt and the current period interest rates were as follows:

(in thousands, except percentages)	August 1, 2021			January 31, 2021
Revolving loans	$	177,000		$	181,000
Debt issuance costs	(1,564)			(1,805)
Total long-term debt, net of debt issuance costs	$	175,436		$	179,195
Effective interest rate (1)	1.88		%	1.88		%

(1) The revolving loans bear interest at a variable rate based on LIBOR or a Base Rate, at the Company’s option, plus an applicable margin that varies based on the Company’s consolidated leverage ratio. In the first quarter of fiscal year 2021, the Company entered into an interest rate swap agreement that fixed the interest on the first $150.0 million of debt outstanding under the revolving loans at 1.9775%. As of August 1, 2021, the effective interest rate is a weighted-average rate that represents interest on the first $150.0 million of the debt outstanding at a fixed LIBOR rate of 0.7275% plus a margin of 1.25% (total fixed rate of 1.9775%), and the remainder of the debt outstanding at a variable rate based on the one-month LIBOR rate, which was 0.11% as of August 1, 2021, plus a margin of 1.25% (total variable rate of 1.36%). As of January 31, 2021, the effective interest rate is a weighted-average rate that represents interest on the first $150.0 million of the debt outstanding at a fixed LIBOR rate of 0.7275% plus a margin of 1.25% (total fixed rate of 1.9775%), and the remainder of the debt outstanding at a variable rate based on the one-month LIBOR rate, which was 0.14% as of January 31, 2021, plus a margin of 1.25% (total variable rate of 1.39%).

Schedule Of Interest Expense

Interest expense was comprised of the following components for the periods presented:

	Three Months Ended				Six Months Ended
(in thousands)	August 1, 2021		July 26, 2020		August 1, 2021		July 26, 2020
Contractual interest (1)	$	1,065	$	1,131	$	2,143	$	2,569
Amortization of debt discount and issuance costs	120		121		241		242
Total interest expense	$	1,185	$	1,252	$	2,384	$	2,811

(1) Contractual interest represents the interest on the Company's outstanding debt after giving effect to the interest rate swap agreement.